Not sure how that pans out with a long distance rental.  

We’re getting an LLC and S-Corp set up now so we can hit the ground running when we get there.We’re planning to use the S-Corp for the flips (we don’t plan to make enough money the first year to actually reap the advantages an S-Corp provides, but you never know) and the LLC is for our longer term cash flowing holds.We’re looking for advice on what to look for when establishing LLCs and what to look for when selecting a bank for establishing a business account after receiving our TIN.

Whether or not that lead pans out as a buyer who can get pre-approved is a different story but we are in this for the long run. 

How did that pan out? 

You can do a ton of research online to see how the numbers pan out.

I get several leads on houses and many of those leads do not actually pan out into an offer to purchase. 

Its been a few years since your original post, but I'm wondering how'd it pan out for you, and if you'd have any advice for someone green to new construction? 

George, do I put my husbands SS# or do I get a TIN number for the Trust company to put on the 1099?

I have heard of people talking to divorce, probate, and SEC attorneys to find good motivated seller, but where can I find those people and do these leads actually pan out?

Your free house plus the substantial construction costs needed, might not pan out.